Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-05120         

        Nuveen Municipal Value Fund, Inc.         
(Exact name of registrant as specified in charter)

Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            10/31          

Date of reporting period:         1/31/07         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

    Portfolio of Investments (Unaudited)             
    Nuveen Municipal Value Fund, Inc. (NUV)             
    January 31, 2007             
Principal        Optional Call         
Amount (000)    Description    Provisions (1)    Ratings (2)    Value 
    Alabama – 1.0%             
$          1,020    Alabama Housing Finance Authority, Collateralized Home Mortgage Program Single Family Mortgage    4/08 at 102.00    Aaa   $   1,031,404 
     Revenue Bonds, Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)             
5,000    Courtland Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Champion    11/09 at 101.00    Baa3    5,308,650 
     International Paper Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax)             
1,750    Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31    6/11 at 101.00    A2    1,858,430 
12,000    Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A, 5.375%,    2/09 at 101.00    AAA    12,480,240 
     2/01/36 (Pre-refunded 2/01/09) – FGIC Insured             
19,770    Total Alabama            20,678,724 
    Alaska – 0.5%             
3,335    Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,    12/14 at 100.00    AAA    3,485,275 
     12/01/30 – FGIC Insured             
3,000    Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 – FGIC Insured    9/13 at 100.00    AAA    3,157,830 
2,585    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,    6/10 at 100.00    AAA    2,714,689 
     Series 2000, 6.200%, 6/01/22 (Pre-refunded 6/01/10)             
8,920    Total Alaska            9,357,794 
    Arizona – 1.2%             
13,100    Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A    14,394,411 
     1999A, 6.625%, 7/01/20             
4,900    Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s    11/09 at 100.00    Baa3    5,124,616 
     Hospital, Series 1999A, 6.250%, 11/15/29             
1,400    Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s    2/12 at 101.00    Baa3    1,523,494 
     Hospital, Series 2002A, 6.250%, 2/15/21             
3,000    Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing    4/15 at 100.00    Aaa    3,054,300 
     Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)             
22,400    Total Arizona            24,096,821 
    Arkansas – 0.6%             
10,460    Cabot School District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds, Series    8/08 at 100.00    Aaa    10,588,030 
     2003, 5.000%, 2/01/32 – AMBAC Insured             
2,000    University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,    12/12 at 100.00    Aaa    2,082,960 
     12/01/32 – FGIC Insured             
12,460    Total Arkansas            12,670,990 
    California – 10.2%             
    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:             
10,000     5.125%, 5/01/19 (Pre-refunded 5/01/12)    5/12 at 101.00    Aaa    10,768,600 
10,000     5.250%, 5/01/20 (Pre-refunded 5/01/12)    5/12 at 101.00    Aaa    10,827,800 
7,310    California Educational Facilities Authority, Revenue Bonds, Loyola Marymount University,    10/09 at 39.19    Aaa    2,597,170 
     Series 2000, 0.000%, 10/01/24 (Pre-refunded 10/01/09) – MBIA Insured             
6,000    California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,    4/16 at 100.00    A+    6,202,440 
     Series 2006, 5.000%, 4/01/37             
6,830    California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone    10/11 at 101.00    A–    7,137,145 
     Institutes, Series 2001, 5.250%, 10/01/34             
17,155    California State Public Works Board, Lease Revenue Refunding Bonds, Various University of    6/07 at 100.00    Aa2    17,168,038 
     California Projects, Series 1993A, 5.500%, 6/01/21             
14,680    California Statewide Community Development Authority, Certificates of Participation, Internext    4/09 at 101.00    BBB    14,977,123 
     Group, Series 1999, 5.375%, 4/01/17             
    California, General Obligation Bonds, Series 2003:             
14,600     5.250%, 2/01/28    8/13 at 100.00    A+    15,502,572 
11,250     5.000%, 2/01/33    8/13 at 100.00    A+    11,656,913 
7,500    California, General Obligation Bonds, Series 2004, 5.000%, 2/01/33    2/14 at 100.00    A+    7,789,200 
3,000    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/09 at 102.00    N/R (3)    3,208,140 
     Facilities District 98-2 – Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)             
5,870    Central California Joint Powers Health Finance Authority, Certificates of Participation,    2/07 at 100.00    Baa2    5,870,939 
     Community Hospitals of Central California, Series 1993, 5.000%, 2/01/23             
5,000    Coast Community College District, Orange County, California, General Obligation Bonds, Series    8/18 at 100.00    AAA    3,794,300 
     2006C, 0.000%, 8/01/32 – FSA Insured             
30,000    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series    No Opt. Call    AAA    15,765,300 
     1995A, 0.000%, 1/01/22 (ETM)             
21,150    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/13 at 100.00    AAA    22,563,243 
     Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured             
3,540    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    BBB    4,047,742 
     Bonds, Series 2003A-1, 6.750%, 6/01/39             
    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed             
    Revenue Bonds, Series 2005A:             
5,000     5.000%, 6/01/38 – FGIC Insured    6/15 at 100.00    AAA    5,230,200 
2,000     5.000%, 6/01/45    6/15 at 100.00    A    2,066,620 
9,000    Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds,    7/11 at 100.00    AA    9,292,500 
     Series 2001A, 5.125%, 7/01/41             
4,000    Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los    12/12 at 102.00    B    4,615,200 
     Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,             
     7.500%, 12/01/24 (Alternative Minimum Tax)             
    Merced Union High School District, Merced County, California, General Obligation Bonds,             
    Series 1999A:             
2,500     0.000%, 8/01/23 – FGIC Insured    No Opt. Call    AAA    1,221,125 
2,555     0.000%, 8/01/24 – FGIC Insured    No Opt. Call    AAA    1,188,842 
2,365    Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,    No Opt. Call    AAA    949,808 
     Series 2004, 0.000%, 8/01/27 – FGIC Insured             
8,000    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical    7/14 at 100.00    A3    8,679,920 
     Center, Series 2004, 5.625%, 7/01/34             
    San Bruno Park School District, San Mateo County, California, General Obligation Bonds,             
    Series 2000B:             
2,575     0.000%, 8/01/24 – FGIC Insured    No Opt. Call    AAA    1,198,148 
2,660     0.000%, 8/01/25 – FGIC Insured    No Opt. Call    AAA    1,178,327 
7,300    San Diego County, California, Certificates of Participation, Burnham Institute, Series 1999,    9/09 at 101.00    Baa3 (3)    7,817,935 
     6.250%, 9/01/29 (Pre-refunded 9/01/09)             
2,009    Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and    3/07 at 100.00    Baa3    2,008,920 
     Electric Company, Series 1966A, 4.000%, 3/01/16             
223,849    Total California            205,324,210 
    Colorado – 3.4%             
5,000    Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%,    10/16 at 100.00    AAA    5,357,850 
     10/01/40 – XLCA Insured             
1,800    Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,    8/11 at 100.00    AAA    2,079,252 
     Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11)             
2,100    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series    3/12 at 100.00    AA (3)    2,250,507 
     2002A, 5.500%, 3/01/32 (ETM)             
5,000    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series    9/16 at 100.00    AA    4,896,550 
     2006A, 4.500%, 9/01/38             
1,365    Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity Healthcare Systems    4/07 at 100.00    AA    1,366,010 
     Inc., Series 1994, 5.250%, 5/15/14             
500    Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001,    1/12 at 100.00    BBB    528,610 
     5.750%, 1/15/22             
18,915    Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 –    11/13 at 100.00    AAA    19,691,839 
     XLCA Insured             
5,000    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35    9/10 at 102.00    AAA    5,410,100 
     (Pre-refunded 9/01/10) – MBIA Insured             
16,500    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 –    No Opt. Call    AAA    5,193,210 
     MBIA Insured             
39,700    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28    9/10 at 31.42    AAA    10,876,212 
     (Pre-refunded 9/01/10) – MBIA Insured             
10,000    E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 –    No Opt. Call    AAA    2,213,900 
     MBIA Insured             
1,450    Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,    6/11 at 102.00    AAA    1,566,551 
     5.500%, 6/15/19 – AMBAC Insured             
7,000    Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C,    6/16 at 100.00    AAA    6,271,090 
     0.000%, 6/15/21 – AMBAC Insured             
114,330    Total Colorado            67,701,681 
    District of Columbia – 2.5%             
    Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax             
    Revenue Bonds, Series 1998:             
2,500     5.250%, 10/01/15 (Pre-refunded 10/01/08) – AMBAC Insured    10/08 at 101.00    AAA    2,587,325 
36,830     4.750%, 10/01/28 (Pre-refunded 10/01/08) – AMBAC Insured    10/08 at 100.00    AAA    37,474,524 
10,000    Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax    10/16 at 100.00    AAA    9,920,300 
     Revenue Bonds, Series 2007A, 4.500%, 10/01/30 (WI/DD, Settling 2/08/07) – AMBAC Insured             
49,330    Total District of Columbia            49,982,149 
    Florida – 2.3%             
4,000    Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit    11/12 at 101.00    AA    4,337,200 
     Group, Series 2002C, 5.750%, 11/15/32             
10,000    Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%,    6/15 at 101.00    AAA    9,921,800 
     6/01/35             
1,750    Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa    10/16 at 100.00    A3    1,837,150 
     General Hospital, Series 2006, 5.250%, 10/01/41             
10,690    Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%,    10/11 at 100.00    AAA    11,009,524 
     10/01/30 – AMBAC Insured             
4,880    Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – FSA Insured    10/10 at 101.00    AAA    5,243,902 
     (Alternative Minimum Tax)             
4,895    Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional    10/09 at 101.00    A    5,163,001 
     Healthcare System, Series 1999E, 6.000%, 10/01/26             
105    Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional    10/09 at 101.00    A (3)    111,736 
     Healthcare System, Series 1999E, 6.000%, 10/01/26 (Pre-refunded 10/01/09)             
8,250    Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%,    8/12 at 100.00    AAA    8,536,358 
     8/01/27 – MBIA Insured             
44,570    Total Florida            46,160,671 
    Georgia – 1.0%             
10,240    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 –    5/09 at 101.00    AAA    10,448,077 
     FGIC Insured             
2,500    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 –    5/12 at 100.00    AAA    2,594,375 
     MBIA Insured             
4,000    Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – FSA Insured    10/14 at 100.00    AAA    4,290,240 
2,250    Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare    7/09 at 102.00    N/R    2,331,698 
     System Inc., Series 1999, 6.500%, 7/01/27             
18,990    Total Georgia            19,664,390 
    Hawaii – 1.1%             
7,500    Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/23 – MBIA Insured    9/13 at 100.00    AAA    8,024,250 
12,325    Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 –    3/13 at 100.00    AAA    13,070,663 
     MBIA Insured             
19,825    Total Hawaii            21,094,913 
    Illinois – 10.9%             
2,060    Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20    1/10 at 100.00    A+    2,173,877 
2,425    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax    12/07 at 102.00    AAA    2,496,586 
     Revenues, Series 1997A, 5.250%, 12/01/22 – AMBAC Insured             
15,000    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax    No Opt. Call    AAA    6,902,550 
     Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured             
1,125    Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital    No Opt. Call    Aaa    1,218,409 
     Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM)             
5,000    Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%,    7/12 at 100.00    AA (3)    5,365,650 
     7/01/18 (Pre-refunded 7/01/12)             
285    Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured    7/12 at 100.00    AAA    306,768 
9,715    Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded    7/12 at 100.00    AAA    10,587,698 
     7/01/12) – AMBAC Insured             
2,575    Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International    1/11 at 101.00    AAA    2,644,087 
     Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax)             
3,020    Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds,    12/16 at 100.00    AAA    3,063,065 
     Series 2004, 0.000%, 12/01/19 – FSA Insured             
385    DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,    11/13 at 100.00    Aaa    413,552 
     Series 2003B, 5.250%, 11/01/20 – FSA Insured             
1,615    DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,    11/13 at 100.00    Aaa    1,754,681 
     Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – FSA Insured             
5,000    Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke    11/13 at 101.00    AAA    5,116,250 
     Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured             
     (Alternative Minimum Tax)             
28,030    Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and    No Opt. Call    Aaa    16,863,128 
     DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – FSA Insured             
1,800    Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and    No Opt. Call    Aaa    1,076,526 
     Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – FSA Insured             
3,180    Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation,    12/12 at 100.00    BBB (3)    3,544,396 
     Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)             
1,450    Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series    9/11 at 100.00    AAA    1,507,797 
     2001, 5.125%, 9/01/35 – AMBAC Insured             
6,550    Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series    9/11 at 100.00    Aaa    6,918,765 
     2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured             
5,000    Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,    8/14 at 100.00    AA+    5,422,950 
     5.500%, 8/15/43             
15,000    Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000,    5/10 at 101.00    Baa2    16,033,500 
     6.500%, 5/15/30             
15,000    Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series    2/11 at 101.00    AAA    15,663,300 
     2001B, 5.250%, 2/15/34 – FSA Insured             
8,145    Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,    8/07 at 101.00    AAA    8,267,094 
     5.250%, 8/01/22 – AMBAC Insured             
4,350    Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,    No Opt. Call    A (3)    5,130,999 
     7.000%, 2/15/18 (ETM)             
5,000    Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/30 –    6/15 at 101.00    AAA    4,612,500 
     AMBAC Insured             
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion             
    Project, Series 1992A:             
18,955     0.000%, 6/15/17 – FGIC Insured    No Opt. Call    AAA    12,285,304 
12,830     0.000%, 6/15/18 – FGIC Insured    No Opt. Call    AAA    7,935,098 
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion             
    Project, Series 1994B:             
7,250     0.000%, 6/15/18 – MBIA Insured    No Opt. Call    AAA    4,483,980 
3,385     0.000%, 6/15/21 – MBIA Insured    No Opt. Call    AAA    1,823,703 
5,190     0.000%, 6/15/28 – MBIA Insured    No Opt. Call    AAA    2,026,072 
11,610     0.000%, 6/15/29 – FGIC Insured    No Opt. Call    AAA    4,337,148 
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion             
    Project, Series 2002A:             
10,000     0.000%, 6/15/24 – MBIA Insured    6/22 at 101.00    AAA    6,611,600 
21,375     0.000%, 6/15/34 – MBIA Insured    No Opt. Call    AAA    6,288,739 
21,000     0.000%, 12/15/35 – MBIA Insured    No Opt. Call    AAA    5,761,560 
20,000     0.000%, 6/15/36 – MBIA Insured    No Opt. Call    AAA    5,381,000 
22,370     0.000%, 6/15/39 – MBIA Insured    No Opt. Call    AAA    5,238,607 
8,460     5.250%, 6/15/42 – MBIA Insured    6/12 at 101.00    AAA    8,979,444 
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place             
    Expansion Project, Series 1996A:             
16,550     0.000%, 12/15/21 – MBIA Insured    No Opt. Call    AAA    8,726,650 
1,650     5.250%, 6/15/27 – AMBAC Insured    6/07 at 101.00    AAA    1,676,087 
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place             
    Expansion Project, Series 2002B:             
3,775     0.000%, 6/15/20 – MBIA Insured    6/17 at 101.00    AAA    3,145,934 
5,715     0.000%, 6/15/21 – MBIA Insured    6/17 at 101.00    AAA    4,781,855 
965    Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding    No Opt. Call    N/R    962,761 
     Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)             
495    Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding    No Opt. Call    N/R    499,044 
     Bonds, Dock 2 Enhancement Project, Series 1998B, 5.875%, 7/01/08 (Alternative Minimum Tax)             
1,575    Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School    No Opt. Call    Aaa    991,982 
     Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured             
720    Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School    No Opt. Call    Aaa    456,883 
     Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)             
335,580    Total Illinois            219,477,579 
    Indiana – 3.8%             
10,000    Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19    2/13 at 101.00    AAA    10,830,900 
2,000    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,    3/14 at 100.00    AAA    2,135,680 
     Series 2004A, 5.375%, 3/01/34 – AMBAC Insured             
    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Sisters of St. Francis             
    Health Services Inc., Series 1997A:             
255     5.125%, 11/01/17 (Pre-refunded 11/01/07) – MBIA Insured    11/07 at 102.00    AAA    262,729 
595     5.125%, 11/01/17 (Pre-refunded 11/01/07) – MBIA Insured    11/07 at 102.00    AAA    613,034 
3,175     5.375%, 11/01/27 (Pre-refunded 11/01/07) – MBIA Insured    11/07 at 102.00    AAA    3,277,045 
7,345     5.375%, 11/01/27 (Pre-refunded 11/01/07) – MBIA Insured    11/07 at 102.00    AAA    7,581,068 
20,000    Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%,    6/13 at 100.00    AAA    20,903,200 
     6/01/28 – FSA Insured             
    Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:             
12,500     0.000%, 2/01/21 – AMBAC Insured    No Opt. Call    AAA    6,833,875 
14,595     0.000%, 2/01/27 – AMBAC Insured    No Opt. Call    AAA    5,993,437 
5,000    Mooresville School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series    1/09 at 102.00    AAA    5,204,850 
     1998, 5.000%, 7/15/15 – FSA Insured             
13,100    Noblesville, Indiana, Revenue Bonds, Catholic High School Corporation, Series 2003,    7/13 at 101.00    N/R    13,664,872 
     5.750%, 7/01/22             
88,565    Total Indiana            77,300,690 
    Iowa – 0.9%             
3,500    Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg    10/12 at 100.00    A (3)    3,788,540 
     College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured             
7,000    Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,    6/15 at 100.00    BBB    7,380,030 
     5.625%, 6/01/46             
6,160    Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series    6/11 at 101.00    AAA    6,637,030 
     2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)             
16,660    Total Iowa            17,805,600 
    Kansas – 0.5%             
10,000    Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22    3/14 at 100.00    AAA    10,557,500 
    Kentucky – 0.1%             
1,755    Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue    7/07 at 100.00    AAA    1,757,088 
     Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – MBIA Insured             
    Louisiana – 2.1%             
1,000    East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation    3/08 at 102.00    B2    1,006,440 
     Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)             
5,150    Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our    8/15 at 100.00    A+    5,400,754 
     Lady Health System, Series 2005A, 5.250%, 8/15/32             
11,885    Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist    5/07 at 100.00    AAA    13,151,347 
     Hospital, Series 1986, 8.000%, 5/15/12 (ETM)             
21,080    Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,    5/11 at 101.00    BBB    22,566,562 
     Series 2001B, 5.875%, 5/15/39             
39,115    Total Louisiana            42,125,103 
    Maryland – 0.4%             
3,500    Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,    9/07 at 100.00    N/R    3,519,145 
     7.400%, 9/01/19 (Alternative Minimum Tax)             
4,600    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,    8/14 at 100.00    A3    4,886,718 
     Series 2004, 5.500%, 8/15/33             
8,100    Total Maryland            8,405,863 
    Massachusetts – 3.7%             
10,000    Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series    7/12 at 100.00    AAA    10,604,800 
     2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12)             
1,720    Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill    12/08 at 102.00    BBB    1,764,084 
     Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)             
4,340    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care    11/11 at 101.00    AA    4,531,698 
     Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured             
    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire             
    Community Services Inc., Series 2004B:             
1,340     6.250%, 7/01/24    7/14 at 100.00    BB–    1,431,120 
1,000     6.375%, 7/01/34    7/14 at 100.00    BB–    1,064,030 
    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior             
    Series 1997A:             
10,000     5.000%, 1/01/27 – MBIA Insured    1/09 at 100.00    AAA    10,138,100 
22,440     5.000%, 1/01/37 – MBIA Insured    7/07 at 102.00    AAA    22,783,108 
8,000    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate    7/07 at 102.00    AAA    8,144,960 
     Series 1997B, 5.125%, 1/01/37 – MBIA Insured             
7,405    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate    1/09 at 101.00    AAA    7,553,544 
     Series 1999A, 5.000%, 1/01/39 – AMBAC Insured             
1,750    Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 6, 5.500%,    8/10 at 101.00    AAA    1,861,685 
     8/01/30 (Pre-refunded 8/01/10)             
4,250    Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 6,    8/10 at 101.00    AAA    4,497,563 
     5.500%, 8/01/30             
72,245    Total Massachusetts            74,374,692 
    Michigan – 4.8%             
6,000    Dearborn Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Oakwood    2/07 at 100.00    AAA    6,005,100 
     Obligated Group, Series 1994A, 5.250%, 8/15/21 – MBIA Insured             
10,300    Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,    5/09 at 101.00    BB–    10,388,889 
     5.500%, 5/01/21             
5,000    Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D,    7/16 at 100.00    AAA    5,022,550 
     4.625%, 7/01/32 – FSA Insured             
14,000    Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,    7/15 at 100.00    AAA    14,670,320 
     7/01/35 – MBIA Insured             
5,240    Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series    10/12 at 100.00    AAA    5,589,403 
     2002, 5.250%, 10/01/19             
    Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of             
    Arts and Sciences Charter School, Series 2001A:             
1,500     7.500%, 10/01/12    10/09 at 102.00    Ba1    1,543,290 
5,000     7.900%, 10/01/21    10/09 at 102.00    Ba1    5,306,150 
3,500     8.000%, 10/01/31    10/09 at 102.00    Ba1    3,710,350 
22,235    Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center    8/08 at 101.00    BB–    22,425,999 
     Obligated Group, Series 1998A, 5.250%, 8/15/28             
    Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center             
    Obligated Group, Series 1993A:             
1,000     6.250%, 8/15/13    2/07 at 100.00    BB–    1,000,580 
12,925     6.500%, 8/15/18    2/07 at 100.00    BB–    12,934,048 
7,200    Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit    12/12 at 100.00    AAA    7,560,792 
     Edison Company, Series 2002D, 5.250%, 12/15/32 – XLCA Insured             
93,900    Total Michigan            96,157,471 
    Minnesota – 0.2%             
1,750    Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,    5/14 at 100.00    AA    1,816,115 
     5.000%, 5/01/30             
390    Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 –    2/07 at 100.00    AAA    390,655 
     MBIA Insured             
2,000    Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue    11/16 at 100.00    Baa1    2,090,160 
     Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36             
4,140    Total Minnesota            4,296,930 
    Missouri – 2.7%             
40,000    Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series    5/13 at 100.00    AA    42,015,598 
     2003, 5.250%, 5/15/32             
2,000    Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax    10/13 at 100.00    AAA    2,094,460 
     Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 –             
     FSA Insured             
4,000    Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc.,    6/13 at 101.00    BBB    4,226,280 
     Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)             
    West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,             
    Ozark Medical Center, Series 1997:             
1,750     5.500%, 11/15/12    11/07 at 101.00    BB    1,771,595 
1,000     5.600%, 11/15/17    11/07 at 101.00    BB    1,009,140 
3,075    West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,    11/09 at 101.00    BB    3,211,376 
     Ozark Medical Center, Series 1999, 6.750%, 11/15/24             
51,825    Total Missouri            54,328,449 
    Montana – 0.2%             
3,750    Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound    3/13 at 101.00    AAA    3,916,838 
     Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured             
    Nevada – 2.0%             
2,500    Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,    9/13 at 100.00    AA    2,593,125 
     9/01/29 – RAAI Insured             
    Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas             
    Monorail Project, First Tier, Series 2000:             
15,095     0.000%, 1/01/24 – AMBAC Insured    No Opt. Call    AAA    7,075,177 
11,000     0.000%, 1/01/25 – AMBAC Insured    No Opt. Call    AAA    4,912,710 
2,000     5.625%, 1/01/32 – AMBAC Insured    1/10 at 102.00    AAA    2,122,480 
22,010     5.375%, 1/01/40 – AMBAC Insured    1/10 at 100.00    AAA    22,724,445 
52,605    Total Nevada            39,427,937 
    New Jersey – 5.7%             
23,625    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental    9/09 at 101.00    B    24,645,836 
     Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)             
9,000    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental    11/10 at 101.00    B    9,783,810 
     Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)             
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital             
    Obligated Group, Series 2000:             
250     7.375%, 7/01/15    7/10 at 101.00    BBB–    277,135 
11,200     7.500%, 7/01/30    7/10 at 101.00    BBB–    12,358,080 
7,500    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C,    6/13 at 100.00    AAA    8,230,800 
     5.500%, 6/15/24 (Pre-refunded 6/15/13)             
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:             
30,000     0.000%, 12/15/31 – FGIC Insured    No Opt. Call    AAA    9,990,600 
27,000     0.000%, 12/15/32 – FSA Insured    No Opt. Call    AAA    8,581,140 
310    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – MBIA Insured    No Opt. Call    AAA    357,746 
    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:             
105     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    121,382 
1,490     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    1,722,470 
27,185    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB (3)    30,139,465 
     Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)             
7,165    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/13 at 100.00    BBB (3)    8,120,739 
     Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)             
144,830    Total New Jersey            114,329,203 
    New Mexico – 0.6%             
1,500    University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21    No Opt. Call    AA    1,742,250 
9,600    University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series    6/12 at 100.00    AA    9,919,008 
     2002A, 5.000%, 6/01/32             
11,100    Total New Mexico            11,661,258 
    New York – 14.5%             
8,500    Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida    2/14 at 100.00    AAA    8,890,320 
     Health, Series 2004, 5.050%, 2/15/25             
445    Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health    8/09 at 101.00    AA–    460,081 
     Services Facilities, Series 1999D, 5.250%, 2/15/29             
    Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health             
    Services Facilities, Series 1999D:             
65     5.250%, 2/15/29 (Pre-refunded 8/15/09)    8/09 at 101.00    AA– (3)    68,100 
6,490     5.250%, 2/15/29 (Pre-refunded 8/15/09)    8/09 at 101.00    AA– (3)    6,799,508 
5,200    Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court    5/10 at 101.00    A+ (3)    5,613,764 
     Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10)             
2,500    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated    7/08 at 100.00    Ba1    2,543,300 
     Group, Series 2000A, 5.500%, 7/01/26             
2,625    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series    7/08 at 100.00    BBB    2,670,465 
     2000C, 5.500%, 7/01/26             
5,360    East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, St. John’s    8/07 at 102.00    AAA    5,512,010 
     Meadows Project, Series 1997A, 5.600%, 8/01/17 – MBIA Insured             
1,760    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,    2/17 at 100.00    AAA    1,740,306 
     2/15/47 – MBIA Insured             
11,000    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,    6/08 at 101.00    AAA    11,342,210 
     5.250%, 12/01/26 (Pre-refunded 6/01/08) – MBIA Insured             
15,500    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,    9/11 at 100.00    A– (3)    16,581,435 
     5.375%, 9/01/25 (Pre-refunded 9/01/11)             
2,000    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,    6/16 at 100.00    A–    2,099,520 
     5.000%, 12/01/35             
13,600    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B,    11/16 at 100.00    AAA    13,615,232 
     4.500%, 11/15/32 – FSA Insured (UB)             
10,000    New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK    8/12 at 101.00    B    11,871,100 
     Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)             
5,500    New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue    12/14 at 100.00    AAA    5,775,165 
     Bonds, Fiscal Series 2005B, 5.000%, 6/15/36 – FSA Insured             
5    New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16    8/08 at 100.00    AA–    5,083 
39,610    New York City, New York, General Obligation Bonds, Fiscal Series 1997G, 6.000%, 10/15/26    10/07 at 101.00    Aaa    40,653,723 
     (Pre-refunded 10/15/07)             
9,320    New York City, New York, General Obligation Bonds, Fiscal Series 1998D, 5.500%, 8/01/10    8/07 at 101.00    AA–    9,485,523 
4,075    New York City, New York, General Obligation Bonds, Fiscal Series 1998D, 5.500%, 8/01/10    8/07 at 101.00    AA– (3)    4,152,710 
     (Pre-refunded 8/01/07)             
    New York City, New York, General Obligation Bonds, Fiscal Series 2003J:             
4,515     5.500%, 6/01/21    6/13 at 100.00    AA–    4,881,167 
2,960     5.500%, 6/01/22    6/13 at 100.00    AA–    3,196,622 
    New York City, New York, General Obligation Bonds, Fiscal Series 2003J:             
10,485     5.500%, 6/01/21 (Pre-refunded 6/01/13)    6/13 at 100.00    A1 (3)    11,513,369 
7,040     5.500%, 6/01/22 (Pre-refunded 6/01/13)    6/13 at 100.00    A1 (3)    7,730,483 
    New York City, New York, General Obligation Bonds, Fiscal Series 2004C:             
8,000     5.250%, 8/15/24    8/14 at 100.00    AA–    8,551,200 
6,000     5.250%, 8/15/25    8/14 at 100.00    AA–    6,413,400 
10,000    New York Dormitory Authority, New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida    8/16 at 100.00    AAA    10,080,200 
     Health, Series 2006, 4.700%, 2/15/35 – FHA Insured (UB)             
    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and             
    State Contingency Contract-Backed Bonds, Series 2003A-1:             
10,000     5.500%, 6/01/17    6/11 at 100.00    AA–    10,637,800 
26,190     5.500%, 6/01/18    6/12 at 100.00    AA–    28,103,965 
33,810     5.500%, 6/01/19    6/13 at 100.00    AA–    36,650,377 
1,510    New Yrok City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn    12/16 at 100.00    BB+    1,487,712 
     College of Aeronautics, Series 2006B, 5.000%, 12/01/31             
2,500    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air    No Opt. Call    AAA    2,698,100 
     Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 – MBIA Insured (Alternative Minimum Tax)             
8,500    Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40    11/10 at 100.00    Aa2    8,863,545 
275,065    Total New York            290,687,495 
    North Carolina – 0.9%             
1,500    Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,    6/13 at 100.00    AA+    1,551,285 
     Series 2003G, 5.000%, 6/01/33             
2,500    North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series    1/13 at 100.00    BBB    2,603,325 
     2003D, 5.125%, 1/01/26             
1,500    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional    2/14 at 100.00    AA+    1,578,165 
     Facilities, Series 2004A, 5.000%, 2/01/20             
2,000    North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s    10/17 at 100.00    AA    1,972,020 
     Health System, Series 2007, 4.500%, 10/01/31             
10,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,    1/10 at 101.00    A3    10,757,600 
     6.500%, 1/01/20             
17,500    Total North Carolina            18,462,395 
    Ohio – 0.2%             
3,000    Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2003,    6/13 at 100.00    AAA    3,203,400 
     5.000%, 12/01/31 (Pre-refunded 6/01/13) – FGIC Insured             
    Oklahoma – 0.8%             
15,000    Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,    2/14 at 100.00    AA    15,693,450 
     5.125%, 2/15/31             
    Oregon – 0.1%             
2,600    Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health    5/11 at 101.00    AA–    2,721,654 
     System, Series 2001, 5.250%, 5/01/21             
    Pennsylvania – 1.7%             
4,500    Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of    7/08 at 100.00    AA    4,517,820 
     Pennsylvania, Series 1998, 4.500%, 7/15/21             
3,250    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 96A, 4.650%,    10/16 at 100.00    AA+    3,228,583 
     10/01/31 (Alternative Minimum Tax)             
6,500    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –    12/14 at 100.00    AAA    7,140,575 
     AMBAC Insured             
8,000    Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%,    6/14 at 100.00    AAA    8,420,160 
     6/01/34 – FGIC Insured             
10,075    State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School    6/13 at 100.00    AAA    10,769,873 
     District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – FSA Insured             
32,325    Total Pennsylvania            34,077,011 
    Puerto Rico – 1.1%             
5,450    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    6/10 at 101.00    Baa3    5,902,895 
     Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26             
     (Alternative Minimum Tax)             
10,000    Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A,    10/10 at 101.00    AAA    10,658,000 
     5.500%, 10/01/40             
5,000    Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – MBIA Insured    7/10 at 100.00    AAA    5,298,650 
20,450    Total Puerto Rico            21,859,545 
    Rhode Island – 1.2%             
6,250    Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,    5/07 at 102.00    AAA    6,393,250 
     Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – MBIA Insured             
16,070    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB    17,393,043 
     Series 2002A, 6.250%, 6/01/42             
22,320    Total Rhode Island            23,786,293 
    South Carolina – 2.7%             
7,000    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,    12/14 at 100.00    A    7,392,560 
     GROWTH, Series 2004, 5.250%, 12/01/29             
3,000    Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,    6/14 at 100.00    AAA    3,127,830 
     5.000%, 6/01/36 – FGIC Insured             
8,475    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series    4/07 at 100.00    BBB    8,476,780 
     1986, 5.000%, 1/01/25             
20,750    South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon    11/12 at 100.00    A–    22,029,653 
     Secours Health System Inc., Series 2002A, 5.625%, 11/15/30             
8,000    South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health    12/10 at 102.00    Baa2 (3)    9,141,440 
     Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10)             
4,215    Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B,    3/14 at 100.00    AAA    4,399,912 
     5.000%, 3/01/38 – MBIA Insured             
110    Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement    5/11 at 101.00    BBB    117,249 
     Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22             
51,550    Total South Carolina            54,685,424 
    Tennessee – 0.3%             
    Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue             
    Bonds, Baptist Health System of East Tennessee Inc., Series 2002:             
3,000     6.375%, 4/15/22    4/12 at 101.00    Baa3    3,224,910 
2,605     6.500%, 4/15/31    4/12 at 101.00    Baa3    2,798,942 
5,605    Total Tennessee            6,023,852 
    Texas – 5.9%             
13,000    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,    6/07 at 100.00    CCC+    13,262,600 
     Series 1990, 7.500%, 12/01/29 (Alternative Minimum Tax)             
1,000    Austin Convention Enterprises Inc., Teaxs, Convention Center Hotel Revenue Bonds, First Tier    1/17 at 100.00    BB    1,068,520 
     Series 2006B, 5.750%, 1/01/34             
5,440    Austin, Texas, Combined Utility System Revenue Bonds, Series 1992A, 12.500%, 11/15/07 – MBIA    No Opt. Call    AAA    5,806,602 
     Insured (ETM)             
18,825    Austin, Texas, Combined Utility System Revenue Bonds, Series 1992A, 12.500%, 11/15/07 – MBIA    No Opt. Call    AAA    20,082,698 
     Insured             
5,110    Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric    4/13 at 101.00    Baa2    5,938,024 
     Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)             
4,000    Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue    1/15 at 100.00    AAA    4,162,920 
     Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured             
2,700    Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G,    11/11 at 100.00    AAA    2,839,590 
     5.250%, 11/15/30 – MBIA Insured             
23,875    Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment    No Opt. Call    AAA    8,643,466 
     Project, Series 2001B, 0.000%, 9/01/29 – AMBAC Insured             
10,045    Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 –    7/10 at 100.00    AAA    10,606,013 
     FSA Insured (Alternative Minimum Tax)             
    Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997:             
5,685     0.000%, 2/15/10    No Opt. Call    AAA    5,047,882 
3,470     0.000%, 2/15/11    No Opt. Call    AAA    2,957,065 
5,000    Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson    No Opt. Call    BBB–    5,203,500 
     Memorial Hospital Project, Series 2005, 5.375%, 8/15/35             
22,060    Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax    8/09 at 31.45    AAA    6,195,992 
     School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27             
6,000    Matagorda County Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series    4/08 at 102.00    BBB–    6,335,160 
     1999C, 8.000%, 5/01/29             
5,000    Port Corpus Christi Industrial Development Corporation, Texas, Environmental Facilities    5/07 at 102.00    BBB–    5,136,350 
     Revenue Bonds, Citgo Petroleum Corporation, Series 2003, 8.250%, 11/01/31 (Alternative Minimum             
     Tax)             
5,000    Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero    4/08 at 102.00    BBB    5,161,950 
     Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18             
5,000    Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,    12/13 at 100.00    BBB    5,442,750 
     Series 2004, 6.000%, 12/01/34             
2,000    Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric    7/13 at 101.00    Baa2    2,146,320 
     Company, Series 2003A, 5.800%, 7/01/22             
3,000    San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – MBIA Insured    5/15 at 100.00    AAA    3,052,260 
146,210    Total Texas            119,089,662 
    Utah – 0.8%             
1,655    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA    1,702,002 
     7/01/19 (Pre-refunded 7/01/07) – MBIA Insured             
3,345    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA    3,437,155 
     7/01/19 – MBIA Insured             
1,570    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%,    1/10 at 101.50    Aaa    1,605,969 
     7/01/30 (Alternative Minimum Tax)             
3,700    Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%,    4/14 at 100.00    AAA    3,863,873 
     4/01/35 – MBIA Insured             
5,810    Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2002C, 5.250%,    10/12 at 100.00    Aaa    6,141,461 
     10/01/28 – AMBAC Insured             
16,080    Total Utah            16,750,460 
    Virgin Islands – 0.1%             
2,500    Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series    1/14 at 100.00    BBB    2,765,650 
     2003, 6.125%, 7/01/22 (Alternative Minimum Tax)             
    Virginia – 1.4%             
4,125    Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,    10/12 at 100.00    AAA    4,471,211 
     5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)             
15,000    Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll    8/08 at 28.38    AAA    4,019,400 
     Road, Series 1998A, 0.000%, 8/15/30 (Pre-refunded 8/15/08)             
    Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll             
    Road, Series 1998B:             
19,400     0.000%, 8/15/33 (Pre-refunded 8/15/08)    8/08 at 23.55    AAA    4,313,784 
60,500     0.000%, 8/15/35 (Pre-refunded 8/15/08)    8/08 at 20.95    AAA    11,963,875 
3,245    Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1997E, 5.600%,    1/08 at 102.00    AA+    3,338,553 
     11/01/17 (Alternative Minimum Tax)             
102,270    Total Virginia            28,106,823 
    Washington – 2.5%             
6,400    Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds,    9/14 at 100.00    AAA    6,672,320 
     Series 2004, 5.000%, 9/01/34 – FGIC Insured             
12,500    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –    7/12 at 100.00    AAA    13,766,875 
     Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 – AMBAC Insured             
4,000    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series    7/13 at 100.00    AAA    4,328,240 
     2003A, 5.500%, 7/01/17 – XLCA Insured             
8,200    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    No Opt. Call    Aaa    6,046,598 
     1989B, 0.000%, 7/01/14             
5,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Providence Health Care    10/16 at 100.00    AAA    4,961,100 
     Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured             
4,115    Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,    6/13 at 100.00    BBB    4,599,377 
     Series 2002, 6.625%, 6/01/32             
    Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:             
9,000     0.000%, 6/01/29 – MBIA Insured    No Opt. Call    AAA    3,302,370 
16,195     0.000%, 6/01/30 – MBIA Insured    No Opt. Call    AAA    5,668,574 
65,410    Total Washington            49,345,454 
    Wisconsin – 2.6%             
    Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed             
    Bonds, Series 2002:             
7,935     6.125%, 6/01/27    6/12 at 100.00    BBB    8,490,133 
12,485     6.375%, 6/01/32    6/12 at 100.00    BBB    13,601,657 
6,000    Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series    8/13 at 100.00    AAA    6,445,140 
     2003A, 5.125%, 8/01/22 (Pre-refunded 8/01/13) – AMBAC Insured             
12,305    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,    8/07 at 102.00    AAA    12,620,254 
     Series 1997, 5.250%, 8/15/27 – MBIA Insured             
6,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of    9/13 at 100.00    BBB+    6,403,680 
     Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33             
1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,    2/16 at 100.00    BBB+    1,035,500 
     Series 2006A, 5.000%, 2/15/17             
3,750    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    2/12 at 101.00    A– (3)    4,110,713 
     Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12)             
49,475    Total Wisconsin            52,707,077 
$   2,295,974    Total Long-Term Investments (cost $1,829,593,287) – 99.2%            1,992,620,189 
    Short-Term Investments – 0.3%             
$          6,345    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Variable Rate        VMIG-1    6,345,000 
     Demand Obligations, Series 2005G, 3.710%, 11/01/26 (4)             
    Total Short-Term Investments (cost $6,345,000)            6,345,000 
    Total Investments (cost $1,835,938,287) – 99.5%            1,998,965,189 
    Floating Rate Obligations – (0.8)%            (15,720,000) 
    Other Assets Less Liabilities – 1.3%            24,844,004 
    Net Assets – 100%           $   2,008,089,193 

(1)    Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
    There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
    may be subject to periodic principal paydowns. 
(2)    Ratings: Using the higher of Standard & Poor’s or Moody’s rating. Ratings below BBB by Standard & 
    Poor’s Group or Baa by Moody’s Investor Service, Inc. are considered to be below investment grade. 
(3)    Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
    securities which ensure the timely payment of principal and interest. Such investments are normally 
    considered to be equivalent to AAA rated securities. 
(4)    Investment has a maturity of more than one year, but has variable rate and demand features which 
    qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting 
    period. This rate changes periodically based on market conditions or a specified market index. 
N/R    Not rated. 
WI/DD    Purchased on a when-issued or delayed delivery basis. 
(ETM)    Escrowed to maturity. 
(UB)    Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
    provisions of SFAS No. 140. 

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No.140.

At January 31, 2007, the cost of investments was $1,816,162,773.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2007, were as follows:

Gross unrealized:     
  Appreciation    $167,566,798 
  Depreciation    (484,369) 
Net unrealized appreciation (depreciation) of investments    $167,082,429 

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Municipal Value Fund, Inc.        

By (Signature and Title)*          /s/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         March 30, 2007        

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*         /s/ Gifford R. Zimmerman                    
                                                   Gifford R. Zimmerman
                                                   Chief Administrative Officer (principal executive officer) 

Date         March 30, 2007        

By (Signature and Title)*         /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                   Vice President and Controller (principal financial officer) 

Date        March 30, 2007        

* Print the name and title of each signing officer under his or her signature.